Romania's Fondul Proprietatea buys back 9.8 mln shares

Fondul Proprietatea acquired 9.8 million own shares at an average price of around 0.88 lei each, it said in a statement filed with the Bucharest Stock Exchange on Monday.

The fund plans to repurchase up to 990,855,616 own shares at a price of between 0.2 lei and 2.0 lei each during its fourth buyback programme started October 1. It has bought back a total of 900.6 million shares since then.

Blue chip Fondul Proprietatea was set up in 2005 to compensate pre-Communist era owners whose property was nationalised.

The fund's shares were changing hands up 0.11% at 0.8980 lei by 0845 CET on Tuesday.

(1 euro = 4.4757 Romanian lei)